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The article ¡§Pain at checkout as WA bananas go east¡¨ by Regina Titelius and Jennifer Eliot states that in the wake of cyclone Larry¡¦s unforgiving wrath on Queensland, banana prices have soared throughout the nation over the last month and are expected to rise even more following WA¡¦s wholesaler Mercer Mooney declared that Carnarvon bananas would be shipped east. Following cyclone Larry¡¦s destruction on Queensland, it has wiped out about 80 per cent of Australia¡¦s bananas destroying fruit worth $300 million, thus leaving Australia to possibly face a 3 year shortage as Queensland¡¦s banana industry slowly recovers from the damages. However, to really see the full impact of the cyclone on banana prices and the effect on society¡¦s welfare, the economic aspects of demand and supply, elasticity, consumer and producer surplus, total surplus and the government¡¦s subsidy for banana farmers will be analysed in this report.

The economic aspects of supply and......

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Approximate Word Count: 1591
Approximate Pages: 7 (250 words per double-spaced page)

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